Finance
In Nebraska, which entity regulates state-chartered mortgage lenders and consumer finance companies?
AThe Nebraska Real Estate Commission
BThe Nebraska Department of Banking and Finance✓ Correct
CThe Federal Reserve Board
DThe Consumer Financial Protection Bureau only
Explanation
State-chartered banks, savings institutions, and consumer finance companies operating in Nebraska are regulated by the Nebraska Department of Banking and Finance.
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Key Terms to Know
Adjustable-Rate Mortgage (ARM)
A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
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